Developers expect govt stimulus for property market by mid-April
Srettha said the property sector could be the fifth growth engine after investment, consumption, tourism and exports. He spoke after the Office of the National Economic and Social Development Council lowered its GDP forecast for 2024 from 2.7-3.7% to 2.2-3.2%.
In addition, Thayat and Watanapol said they were hoping the government would accept the property industry’s proposal to develop projects on smaller plots.
Watanapol added that the property developer associations have also called for a cut in the loan-to-value ratio used by commercial banks to grant mortgages.
However, the developers realized that such a cut could not be made by Srettha despite his double role as PM and finance minister.
“The power to grant this proposal lies not with the prime minister but the central bank,” Watanapol said.
Likewise, the PM was also powerless over calls for the central bank to lower its policy interest rate so commercial banks could lower their loan rates, he added.
The government was mulling other proposals on property, and developers expected to see new stimulus measures announced within the second quarter, Watanapol said.
